In addition to the main deal, the government also revealed it had negotiated an agreement for Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) to relocate its digital research programme, Data61 to Melbourne.

The National Broadband Network (NBN), most of Australia’s major banks and its largest telecommunications company, Telstra, also base their cyber-security operations in Melbourne.

At present, the cyber-security industry is growing at a rapid rate, contributing an estimated $51.5 billion to the global economy annually.

Governments and private enterprises have been under increased pressure to tighten up their cyber networks, with hackers looking to extract valuable intelligence.

Victoria’s Minister for Small Business, Innovation and Trade Phillip Dalidakis who signed the agreement while Britain, hailed the partnership as a “huge vote of confidence for Victoria’s tech sector” and said it would “cement the state’s reputation as the leader in this industry.”

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